ISBN:
9789264176003
Language:
English
Pages:
Online-Ressource (196 p.)
,
ill.
Parallel Title:
Druckausg.
Parallel Title:
Parallelausg. La gestion de la dette publique et les marchés des valeurs d'État au 21e siècle
DDC:
336.3/435/09177
Keywords:
Finance and Investment
;
Governance
;
Science and Technology
Abstract:
Debt Management and Government Securities Markets in the 21st Century reviews recent trends in the structure of OECD government securities markets and public debt management operations, and highlights the generic structural policy issues in emerging debt markets. Over the years, OECD debt managers have developed best practices for raising, managing and retiring debt at the lowest possible price and acceptable risk, largely in the presence of persistent large deficits. New techniques have been developed to cope with the adverse consequences of running surpluses (pricing anomalies and lower liquidity in traditional benchmark markets). This report analyses the impact of advanced electronic systems on primary and secondary markets. In the future, sophisticated electronic auction systems will enable institutional investors to bid directly in auctions, thereby by-passing primary dealers. Electronic trading systems will inevitably reshape secondary fixed-income markets. Underlying these challenges is the growing number of OECD sovereign issuers granting greater independence to debt management operations, accompanied by an increased emphasis on risk assessment and risk management. The report also addresses the introduction of new instruments (index-linked bonds and derivatives), as well as policies related to investor relations.
DOI:
10.1787/9789264176003-en
